In Brief: First Charter of N.C. Sells a Benefits Unit

First Charter Corp. in Charlotte announced Monday that it has sold its employee benefits management subsidiary to an undisclosed buyer.

The $4.8 billion-asset company had bought the unit, Southeastern Employee Benefits Services, in 2003. It does record keeping and other administrative functions for retirement plans.

The sale is expected to produce a pretax gain of $900,000 in the fourth quarter. Bob James, First Charter's president and chief executive, said it would use the proceeds to help expand its core banking business. Kevin Toomb, a First Charter spokesman, said the sale closed Dec. 1. The buyer did not want to be named, he said.